WHY IS 99 % OF BITCOIN FLOWING INTO CHINA <> <> STEEMIT NEWS FLASH <> <>
12 / 29 / 2016 - 4:46 PM EST STEEMIT NEWS FLASH :
WHY IS almost 99 % OF BITCOIN FLOWING INTO CHINA ????
fiatleak.com.
.
Something BIG must be taking place in China . I would like to hear some detailed opinions on what the Steemit community thinks is taking place .
In less than 20 minutes 18:25 eighteen minutes twenty five seconds to be exact . In this short period of time I watched 16,613 Bitcoin move and 16,372.3 went to China 221.1 to USD and 16.8 to RUB .
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The Chinese people who have acquired some wealth and have internet access are seeing the RMB/Yuan devalued by the government are looking for alternative stores of wealth as well as a currency that retains value and is accepted globally.
I know that is a long run on sentence, but the people in China are aware of the effects of currency devaluation and see more of devaluations coming.
That's my opinion,
Mike
Agree!
I would like to hear some detailed opinions on what the Steemit community thinks is taking place .
How long has China been buying like this ????
And what happens when they stop ????
I thought that fiatleak shows volume of trade not the buying up of newly mined/in the market available btc . See: https://bitcoinwisdom.com/ which shows volume on the exchanges.
Anybody says "yuan devaluation"?!....:)...
They bought up houses in stable countries to park their wealth. Now the tax laws are being made to discourage that. Bitcoin is another avenue to bring wealth out of their country.
My guess, probably more to it as well.
That is pretty interesting to think about. Thanks for sharing, Tarzan!
Upvoted & Followed.
Sound interesting but almost 99%??? There must be something deeper in this
Same reason all the gold and silver is flowing into China.
undervalued
They are just acting like the rich. China needs something to buy.
Last time I checked the flows on fiatleak.com (about 6m ago) China was #1 as well, but far from being as prevalent as it currently is. Current pace is simply crazy.